Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil EL&P Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Community Trust Bancorp, Inc. Reports Earnings for the 3rd Quarter 2023 By: Community Trust Bancorp, Inc. via Business Wire October 18, 2023 at 08:15 AM EDT Community Trust Bancorp, Inc. (NASDAQ: CTBI): Earnings Summary (in thousands except per share data) 3Q 2023 2Q 2023 3Q 2022 YTD 2023 YTD 2022 Net income $20,628 $19,404 $19,372 $59,345 $59,371 Earnings per share $1.15 $1.09 $1.09 $3.32 $3.33 Earnings per share - diluted $1.15 $1.08 $1.08 $3.32 $3.33 Return on average assets 1.46% 1.41% 1.40% 1.44% 1.46% Return on average equity 12.30% 11.72% 12.08% 12.02% 12.20% Efficiency ratio 52.66% 53.52% 53.70% 53.82% 53.58% Tangible common equity 10.55% 10.90% 9.93% Dividends declared per share $0.46 $0.44 $0.44 $1.34 $1.24 Book value per share $36.30 $36.71 $33.66 Weighted average shares 17,893 17,884 17,841 17,882 17,832 Weighted average shares - diluted 17,904 17,890 17,857 17,892 17,844 Community Trust Bancorp, Inc. (NASDAQ: CTBI) achieved earnings for the third quarter 2023 of $20.6 million, or $1.15 per basic share, compared to $19.4 million, or $1.09 per basic share, earned during the second quarter 2023 and $19.4 million, or $1.09 per basic share, earned during the third quarter 2022. Total revenue was $0.8 million above prior quarter and $0.4 million above prior year same quarter. Net interest revenue increased $0.1 million compared to prior quarter but decreased $0.4 million compared to prior year same quarter, and noninterest income increased $0.7 million compared to prior quarter and $0.8 million compared to prior year same quarter. Our provision for credit losses for the quarter decreased $0.1 million for the quarter and $0.5 million from prior year third quarter. Noninterest expense decreased $0.2 million compared to prior quarter and $0.6 million compared to prior year same quarter. Earnings for the nine months ended September 30, 2023 were $59.3 million, or $3.32 per basic share, compared to $59.4 million, or $3.33 per basic share for the nine months ended September 30, 2022. 3rd Quarter 2023 Highlights Net interest income for the quarter of $43.1 million was $0.1 million above prior quarter but $0.4 million below prior year same quarter, as our net interest margin decreased 8 basis points from prior quarter and 9 basis points from prior year same quarter. Provision for credit losses at $1.9 million for the quarter decreased $0.1 million from prior quarter and $0.5 million from prior year same quarter. Our loan portfolio at $4.0 billion increased $55.3 million, an annualized 5.6%, from June 30, 2023 and $354.4 million, or 9.8%, from September 30, 2022. We had net loan charge-offs of $1.2 million, or 0.12% of average loans annualized, for the third quarter 2023 compared to $0.7 million, or 0.07% of average loans annualized, for the second quarter 2023 and $0.3 million, or 0.04% of average loans annualized, for the quarter ended September 30, 2022. Our total nonperforming loans increased to $13.0 million at September 30, 2023 from $11.7 million at June 30, 2023 but decreased $0.7 million from the $13.7 million at September 30, 2022. Nonperforming assets at $15.2 million increased $1.4 million from June 30, 2023 but decreased $0.4 million from September 30, 2022. Deposits, including repurchase agreements, at $4.9 billion increased $114.8 million, or an annualized 9.6%, from June 30, 2023 and $95.3 million, or 2.0% from September 30, 2022. Shareholders’ equity at $653.0 million decreased $7.1 million, or an annualized 4.3%, during the quarter but increased $50.5 million, or 8.4%, from September 30, 2022. Net unrealized losses on securities, net of deferred taxes, were $141.4 million at September 30, 2023, compared to $121.3 million at June 30, 2023 and $139.4 million at September 30, 2022. Management has evaluated the unrealized losses and determined that they were primarily driven by market rates. Management has the ability and intent to hold these securities to recovery or maturity. Noninterest income for the quarter ended September 30, 2023 of $15.5 million was $0.7 million, or 5.0%, above prior quarter and $0.8 million, or 5.6%, above prior year same quarter. Noninterest expense for the quarter ended September 30, 2023 of $30.8 million was $0.2 million, or 0.6%, below prior quarter and $0.6 million, or 2.0%, below prior year same quarter. Net Interest Income Percent Change 3Q 2023 Compared to: ($ in thousands) 3Q 2023 2Q 2023 3Q 2022 2Q 2023 3Q 2022 YTD 2023 YTD 2022 Percent Change Components of net interest income: Income on earning assets $69,499 $64,827 $51,405 7.2% 35.2% $195,321 $140,284 39.2% Expense on interest bearing liabilities 26,359 21,748 7,869 21.2% 234.9% 65,186 15,926 309.3% Net interest income 43,140 43,079 43,536 0.1% (0.9%) 130,135 124,358 4.6% TEQ 298 298 240 0.0% 24.1% 894 707 26.4% Net interest income, tax equivalent $43,438 $43,377 $43,776 0.1% (0.8%) $131,029 $125,065 4.8% Average yield and rates paid: Earning assets yield 5.25% 5.03% 3.97% 4.3% 32.3% 5.05% 3.66% 37.8% Rate paid on interest bearing liabilities 2.93% 2.54% 0.93% 15.4% 215.4% 2.52% 0.63% 298.1% Gross interest margin 2.32% 2.49% 3.04% (7.0%) (23.7%) 2.53% 3.03% (16.7%) Net interest margin 3.27% 3.35% 3.36% (2.5%) (2.9%) 3.37% 3.25% 3.7% Average balances: Investment securities $1,178,707 $1,230,556 $1,380,881 (4.2%) (14.6%) $1,220,135 $1,438,769 (15.2%) Loans $3,952,096 $3,836,446 $3,568,174 3.0% 10.8% $3,843,441 $3,516,114 9.3% Earning assets $5,274,542 $5,189,716 $5,163,624 1.6% 2.1% $5,199,072 $5,146,251 1.0% Interest-bearing liabilities $3,567,343 $3,435,072 $3,359,242 3.9% 6.2% $3,455,666 $3,361,097 2.8% Net interest income for the quarter of $43.1 million was $0.1 million above prior quarter but $0.4 million below prior year same quarter. Our net interest margin, on a fully tax equivalent basis, at 3.27% decreased 8 basis points from prior quarter and 9 basis points from prior year same quarter. Our average earning assets increased $84.8 million from prior quarter and $110.9 million from prior year same quarter. Our yield on average earning assets increased 22 basis points from prior quarter and 128 basis points from prior year same quarter, and our cost of funds increased 39 basis points from prior quarter and 200 basis points from prior year same quarter. Our net interest income for the nine months ended September 30, 2023 was $130.1 million compared to $124.4 million for the nine months ended September 30, 2022. Our ratio of average loans to deposits, including repurchase agreements, was 83.2% for the quarter ended September 30, 2023 compared to 81.2% for the quarter ended June 30, 2023 and 75.4% for the quarter ended September 30, 2022. Noninterest Income Percent Change 3Q 2023 Compared to: ($ in thousands) 3Q 2023 2Q 2023 3Q 2022 2Q 2023 3Q 2022 YTD 2023 YTD 2022 Percent Change Deposit related fees $7,823 $7,513 $7,629 4.1% 2.5% $22,623 $21,638 4.6% Trust revenue 3,277 3,351 2,989 (2.2%) 9.6% 9,707 9,435 2.9% Gains on sales of loans 105 115 235 (8.8%) (55.3%) 341 1,351 (74.7%) Loan related fees 1,283 1,197 1,589 7.2% (19.3%) 3,325 5,066 (34.4%) Bank owned life insurance revenue 1,108 735 743 50.7% 49.1% 2,701 2,136 26.5% Brokerage revenue 452 388 453 16.5% (0.2%) 1,188 1,502 (20.9%) Other 1,448 1,457 1,041 (0.6%) 39.1% 4,049 3,017 34.2% Total noninterest income $15,496 $14,756 $14,679 5.0% 5.6% $43,934 $44,145 (0.5%) Noninterest income for the quarter ended September 30, 2023 of $15.5 million was $0.7 million, or 5.0%, above prior quarter and $0.8 million, or 5.6%, above prior year same quarter. The quarter over quarter increase included a $0.3 million increase in deposit related fees, a $0.2 million increase in securities gains, and a $0.4 million increase in bank owned life insurance. The year over year increase included a $0.2 million increase in deposit related fees, a $0.3 million increase in trust revenue, a $0.5 million increase in securities gains, and a $0.4 million increase in bank owned life insurance partially offset by a $0.1 million decline in gains on sales of loans and a $0.3 million decline in loan related fees resulting from the fluctuation in the fair market value of our mortgage servicing rights. Noninterest income for the first nine months of 2023 was $43.9 million compared to $44.1 million for the nine months ended September 30, 2022. Noninterest Expense Percent Change 3Q 2023 Compared to: ($ in thousands) 3Q 2023 2Q 2023 3Q 2022 2Q 2023 3Q 2022 YTD 2023 YTD 2022 Percent Change Salaries $12,755 $12,732 $12,537 0.2% 1.7% $38,120 $36,495 4.5% Employee benefits 5,298 5,573 6,009 (4.9%) (11.8%) 17,146 18,123 (5.4%) Net occupancy and equipment 2,875 2,895 2,897 (0.7%) (0.8%) 8,798 8,507 3.4% Data processing 2,410 2,383 2,270 1.1% 6.2% 7,096 6,566 8.1% Legal and professional fees 722 912 752 (20.8%) (3.9%) 2,450 2,503 (2.1%) Advertising and marketing 767 704 768 9.0% (0.1%) 2,291 2,180 5.1% Taxes other than property and payroll 420 433 422 (3.1%) (0.4%) 1,285 1,274 0.9% Net other real estate owned expense 165 61 42 169.9% 292.9% 345 438 (21.2%) Other 5,435 5,332 5,778 1.9% (5.9%) 16,231 14,726 10.2% Total noninterest expense $30,847 $31,025 $31,475 (0.6%) (2.0%) $93,762 $90,812 3.2% Noninterest expense for the quarter ended September 30, 2023 of $30.8 million was $0.2 million, or 0.6%, below prior quarter and $0.6 million, or 2.0%, below prior year same quarter. The decrease in noninterest expense quarter over quarter included a $0.3 million decrease in personnel expense. The decrease in personnel expense included a $0.7 million decrease in group medical and life insurance partially offset by a $0.4 million increase in bonuses and incentives. The decrease year over year was primarily a decrease in personnel costs of $0.5 million which included a $0.6 million decrease in bonuses and incentives, and a $0.1 million decrease in group medical and life insurance, partially offset by a $0.2 million increase in salary expense. Noninterest expense for the first nine months of 2023 was $93.8 million compared to $90.8 million for the nine months ended September 30, 2022. Balance Sheet Review Total Loans Percent Change 3Q 2023 Compared to: ($ in thousands) 3Q 2023 2Q 2023 3Q 2022 2Q 2023 3Q 2022 Commercial nonresidential real estate $788,287 $787,598 $756,138 0.1% 4.3% Commercial residential real estate 404,779 393,309 359,643 2.9% 12.6% Hotel/motel 386,067 372,981 335,253 3.5% 15.2% Other commercial 377,449 396,741 385,356 (4.9%) (2.1%) Total commercial 1,956,582 1,950,629 1,836,390 0.3% 6.5% Residential mortgage 916,580 883,104 814,944 3.8% 12.5% Home equity loans/lines 139,085 132,033 115,400 5.3% 20.5% Total residential 1,055,665 1,015,137 930,344 4.0% 13.5% Consumer indirect 812,060 806,081 703,016 0.7% 15.5% Consumer direct 160,712 157,848 160,866 1.8% (0.1%) Total consumer 972,772 963,929 863,882 0.9% 12.6% Total loans $3,985,019 $3,929,695 $3,630,616 1.4% 9.8% Total Deposits and Repurchase Agreements Percent Change 3Q 2023 Compared to: ($ in thousands) 3Q 2023 2Q 2023 3Q 2022 2Q 2023 3Q 2022 Non-interest bearing deposits $1,314,189 $1,361,078 $1,481,078 (3.4%) (11.3%) Interest bearing deposits Interest checking 125,107 142,542 100,680 (12.2%) 24.3% Money market savings 1,412,679 1,389,081 1,268,682 1.7% 11.4% Savings accounts 556,820 611,772 683,697 (9.0%) (18.6%) Time deposits 1,219,097 1,012,187 1,000,931 20.4% 21.8% Repurchase agreements 232,577 229,020 230,123 1.6% 1.1% Total interest bearing deposits and repurchase agreements 3,546,280 3,384,602 3,284,113 4.8% 8.0% Total deposits and repurchase agreements $4,860,469 $4,745,680 $4,765,191 2.4% 2.0% CTBI’s total assets at $5.6 billion as of September 30, 2023 increased $114.1 million, or 8.2% annualized, from June 30 2023 and $160.6 million, or 2.9%, from September 30, 2022. Loans outstanding at September 30, 2023 were $4.0 billion, an increase of $55.3 million, an annualized 5.6%, from June 30, 2023 and $354.4 million, or 9.8%, from September 30, 2022. The increase in loans from prior quarter included a $6.0 million increase in the commercial loan portfolio, a $40.5 million increase in the residential loan portfolio, a $6.0 million increase in the indirect consumer loan portfolio, and a $2.8 million increase in the consumer direct loan portfolio. CTBI’s investment portfolio decreased $65.0 million, or an annualized 21.4%, from June 30, 2023 and $161.8 million, or 12.4%, from September 30, 2022. Deposits in other banks increased $92.3 million from prior quarter but decreased $49.1 million from September 30, 2022. Deposits, including repurchase agreements, at $4.9 billion increased $114.8 million, or an annualized 9.6%, from June 30, 2023 and $95.3 million, or 2.0%, from September 30, 2022. Shareholders’ equity at $653.0 million decreased $7.0 million, or an annualized 4.3%, during the quarter but increased $50.5 million, or 8.4%, from September 30, 2022, as unrealized losses on our securities portfolio continue to impact equity. Net unrealized losses on securities, net of deferred taxes, were $141.4 million at September 30, 2023, compared to $121.3 million at June 30, 2023 and $139.4 million at September 30, 2022. Management has evaluated the unrealized losses and determined that they were primarily driven by market rates. Management has the ability and intent to hold these securities to recovery or maturity. CTBI’s annualized dividend yield to shareholders as of September 30, 2023 was 5.37%. Asset Quality Our total nonperforming loans increased to $13.0 million at September 30, 2023 from $11.7 million at June 30, 2023 but decreased $0.7 million from the $13.7 million at September 30, 2022. Prior year nonperforming loans, as previously reported, exclude troubled debt restructurings which have been eliminated in the current period due to implementation of Accounting Standard Update 2022-02. Accruing loans 90+ days past due at $8.1 million increased $1.7 million from prior quarter and $2.5 million from September 30, 2022. Nonaccrual loans at $4.9 million decreased $0.4 million from prior quarter and $3.2 million from September 30, 2022. Accruing loans 30-89 days past due at $12.1 million decreased $0.1 million from prior quarter and were relatively flat to September 30, 2022. Our loan portfolio management processes focus on the immediate identification, management, and resolution of problem loans to maximize recovery and minimize loss. Our level of foreclosed properties was $2.2 million at September 30, 2023 compared to $2.0 million at June 30, 2023 and $1.9 million at September 30, 2022. Sales of foreclosed properties for the quarter ended September 30, 2023 totaled $0.1 million while new foreclosed properties totaled $0.3 million. At September 30, 2023, the book value of properties under contracts to sell was $0.8 million; however, the closings had not occurred at quarter-end. We had net loan charge-offs of $1.2 million, or 0.12% of average loans annualized, for the third quarter 2023 compared to $0.7 million, or 0.07% of average loans annualized, for the second quarter 2023 and $0.3 million, or 0.04% of average loans annualized, for the quarter ended September 30, 2022. Net charge-offs for the nine months ended September 30, 2023 were $2.3 million, or 0.08% of average loans annualized compared to $0.7 million, or 0.03% of average loans annualized, for the nine months ended September 30, 2022. Allowance for Credit Losses Our provision for credit losses for the quarter decreased $0.1 million from prior quarter and $0.5 million from prior year same quarter. Our reserve coverage (allowance for credit losses to nonperforming loans) at September 30, 2023 was 375.2% compared to 408.9% at June 30, 2023 and 324.5% at September 30, 2022. Our credit loss reserve as a percentage of total loans outstanding at September 30, 2023 remained at 1.22% from June 30, 2023 and September 30, 2022. Forward-Looking Statements Certain of the statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Community Trust Bancorp, Inc.’s (“CTBI”) actual results may differ materially from those included in the forward-looking statements. Forward-looking statements are typically identified by words or phrases such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “may increase,” “may fluctuate,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” and “could.” These forward-looking statements involve risks and uncertainties including, but not limited to, economic conditions, portfolio growth, the credit performance of the portfolios, including bankruptcies, and seasonal factors; changes in general economic conditions including the performance of financial markets, prevailing inflation and interest rates, realized gains from sales of investments, gains from asset sales, and losses on commercial lending activities; the effects of the COVID-19 pandemic on our business operations and credit quality and on general economic and financial market conditions, as well as our ability to respond to the related challenges; results of various investment activities; the effects of competitors’ pricing policies, changes in laws and regulations, competition, and demographic changes on target market populations’ savings and financial planning needs; industry changes in information technology systems on which we are highly dependent; failure of acquisitions to produce revenue enhancements or cost savings at levels or within the time frames originally anticipated or unforeseen integration difficulties; and the resolution of legal proceedings and related matters. In addition, the banking industry in general is subject to various monetary, operational, and fiscal policies and regulations, which include, but are not limited to, those determined by the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Consumer Financial Protection Bureau, and state regulators, whose policies, regulations, and enforcement actions could affect CTBI’s results. These statements are representative only on the date hereof, and CTBI undertakes no obligation to update any forward-looking statements made. Community Trust Bancorp, Inc., with assets of $5.6 billion, is headquartered in Pikeville, Kentucky and has 70 banking locations across eastern, northeastern, central, and south central Kentucky, six banking locations in southern West Virginia, three banking locations in northeastern Tennessee, four trust offices across Kentucky, and one trust office in Tennessee. Additional information follows. Community Trust Bancorp, Inc. Financial Summary (Unaudited) September 30, 2023 (in thousands except per share data and # of employees) Three Three Three Nine Nine Months Months Months Months Months Ended Ended Ended Ended Ended September 30, 2023 June 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Interest income $ 69,499 $ 64,827 $ 51,405 $ 195,321 $ 140,284 Interest expense 26,359 21,748 7,869 65,186 15,926 Net interest income 43,140 43,079 43,536 130,135 124,358 Loan loss provision 1,871 2,009 2,414 4,996 3,366 Gains on sales of loans 105 115 235 341 1,351 Deposit related fees 7,823 7,513 7,629 22,623 21,638 Trust revenue 3,277 3,351 2,989 9,707 9,435 Loan related fees 1,283 1,197 1,589 3,325 5,066 Securities gains (losses) 355 165 (159 ) 738 (285 ) Other noninterest income 2,653 2,415 2,396 7,200 6,940 Total noninterest income 15,496 14,756 14,679 43,934 44,145 Personnel expense 18,053 18,305 18,546 55,266 54,618 Occupancy and equipment 2,875 2,895 2,897 8,798 8,507 Data processing expense 2,410 2,383 2,270 7,096 6,566 FDIC insurance premiums 612 610 360 1,828 1,073 Other noninterest expense 6,897 6,832 7,402 20,774 20,048 Total noninterest expense 30,847 31,025 31,475 93,762 90,812 Net income before taxes 25,918 24,801 24,326 75,311 74,325 Income taxes 5,290 5,397 4,954 15,966 14,954 Net income $ 20,628 $ 19,404 $ 19,372 $ 59,345 $ 59,371 Memo: TEQ interest income $ 69,797 $ 65,125 $ 51,645 $ 196,215 $ 140,991 Average shares outstanding 17,893 17,884 17,841 17,882 17,832 Diluted average shares outstanding 17,904 17,890 17,857 17,892 17,844 Basic earnings per share $ 1.15 $ 1.09 $ 1.09 $ 3.32 $ 3.33 Diluted earnings per share $ 1.15 $ 1.08 $ 1.08 $ 3.32 $ 3.33 Dividends per share $ 0.46 $ 0.44 $ 0.44 $ 1.34 $ 1.24 Average balances: Loans $ 3,952,096 $ 3,836,446 $ 3,568,174 $ 3,843,441 $ 3,516,114 Earning assets 5,274,542 5,189,716 5,163,624 5,199,072 5,146,251 Total assets 5,603,586 5,509,776 5,477,596 5,524,343 5,447,439 Deposits, including repurchase agreements 4,750,448 4,727,386 4,733,393 4,722,207 4,691,322 Interest bearing liabilities 3,567,343 3,435,072 3,359,242 3,455,666 3,361,097 Shareholders' equity 665,129 663,896 636,038 660,063 650,877 Performance ratios: Return on average assets 1.46 % 1.41 % 1.40 % 1.44 % 1.46 % Return on average equity 12.30 % 11.72 % 12.08 % 12.02 % 12.20 % Yield on average earning assets (tax equivalent) 5.25 % 5.03 % 3.97 % 5.05 % 3.66 % Cost of interest bearing funds (tax equivalent) 2.93 % 2.54 % 0.93 % 2.52 % 0.63 % Net interest margin (tax equivalent) 3.27 % 3.35 % 3.36 % 3.37 % 3.25 % Efficiency ratio (tax equivalent) 52.66 % 53.52 % 53.70 % 53.82 % 53.58 % Loan charge-offs $ 2,012 $ 1,953 $ 1,203 $ 5,730 $ 3,351 Recoveries (842 ) (1,279 ) (878 ) (3,472 ) (2,662 ) Net charge-offs $ 1,170 $ 674 $ 325 $ 2,258 $ 689 Market Price: High $ 39.86 $ 40.30 $ 45.37 $ 47.35 $ 46.30 Low $ 33.48 $ 32.68 $ 39.65 $ 32.68 $ 39.10 Close $ 34.26 $ 35.57 $ 40.55 $ 34.26 $ 40.55 As of As of As of September 30, 2023 June 30, 2023 September 30, 2022 Assets: Loans $ 3,985,019 $ 3,929,695 $ 3,630,616 Loan loss reserve (48,719 ) (48,018 ) (44,433 ) Net loans 3,936,300 3,881,677 3,586,183 Loans held for sale - 238 1,043 Securities AFS 1,135,878 1,201,253 1,298,592 Equity securities at fair value 2,900 2,545 1,969 Other equity investments 12,557 11,432 11,563 Other earning assets 152,064 62,726 201,196 Cash and due from banks 69,291 48,915 60,527 Premises and equipment 44,962 42,911 41,593 Right of use asset 16,100 16,678 12,131 Goodwill and core deposit intangible 65,490 65,490 65,490 Other assets 199,390 186,933 194,051 Total Assets $ 5,634,932 $ 5,520,798 $ 5,474,338 Liabilities and Equity: Interest bearing checking $ 125,107 $ 142,542 $ 100,680 Savings deposits 1,969,499 2,000,853 1,952,379 CD's >=$100,000 666,808 538,492 537,233 Other time deposits 552,289 473,695 463,698 Total interest bearing deposits 3,313,703 3,155,582 3,053,990 Noninterest bearing deposits 1,314,189 1,361,078 1,481,078 Total deposits 4,627,892 4,516,660 4,535,068 Repurchase agreements 232,577 229,020 230,123 Other interest bearing liabilities 65,136 65,195 58,701 Lease liability 16,801 17,317 12,636 Other noninterest bearing liabilities 39,492 32,481 35,250 Total liabilities 4,981,898 4,860,673 4,871,778 Shareholders' equity 653,034 660,125 602,560 Total Liabilities and Equity $ 5,634,932 $ 5,520,798 $ 5,474,338 Ending shares outstanding 17,991 17,984 17,901 30 - 89 days past due loans $ 12,098 $ 12,158 $ 12,058 90 days past due loans 8,069 6,399 5,554 Nonaccrual loans 4,916 5,345 8,138 Foreclosed properties 2,175 2,047 1,864 Community bank leverage ratio 13.78 % 13.82 % 13.24 % Tangible equity to tangible assets ratio 10.55 % 10.90 % 9.93 % FTE employees 951 975 964 View source version on businesswire.com: https://www.businesswire.com/news/home/20231018479369/en/Contacts Mark A. Gooch Vice Chairman, President, and CEO Community Trust Bancorp, Inc. (606) 437-3229 Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Community Trust Bancorp, Inc. Reports Earnings for the 3rd Quarter 2023 By: Community Trust Bancorp, Inc. via Business Wire October 18, 2023 at 08:15 AM EDT Community Trust Bancorp, Inc. (NASDAQ: CTBI): Earnings Summary (in thousands except per share data) 3Q 2023 2Q 2023 3Q 2022 YTD 2023 YTD 2022 Net income $20,628 $19,404 $19,372 $59,345 $59,371 Earnings per share $1.15 $1.09 $1.09 $3.32 $3.33 Earnings per share - diluted $1.15 $1.08 $1.08 $3.32 $3.33 Return on average assets 1.46% 1.41% 1.40% 1.44% 1.46% Return on average equity 12.30% 11.72% 12.08% 12.02% 12.20% Efficiency ratio 52.66% 53.52% 53.70% 53.82% 53.58% Tangible common equity 10.55% 10.90% 9.93% Dividends declared per share $0.46 $0.44 $0.44 $1.34 $1.24 Book value per share $36.30 $36.71 $33.66 Weighted average shares 17,893 17,884 17,841 17,882 17,832 Weighted average shares - diluted 17,904 17,890 17,857 17,892 17,844 Community Trust Bancorp, Inc. (NASDAQ: CTBI) achieved earnings for the third quarter 2023 of $20.6 million, or $1.15 per basic share, compared to $19.4 million, or $1.09 per basic share, earned during the second quarter 2023 and $19.4 million, or $1.09 per basic share, earned during the third quarter 2022. Total revenue was $0.8 million above prior quarter and $0.4 million above prior year same quarter. Net interest revenue increased $0.1 million compared to prior quarter but decreased $0.4 million compared to prior year same quarter, and noninterest income increased $0.7 million compared to prior quarter and $0.8 million compared to prior year same quarter. Our provision for credit losses for the quarter decreased $0.1 million for the quarter and $0.5 million from prior year third quarter. Noninterest expense decreased $0.2 million compared to prior quarter and $0.6 million compared to prior year same quarter. Earnings for the nine months ended September 30, 2023 were $59.3 million, or $3.32 per basic share, compared to $59.4 million, or $3.33 per basic share for the nine months ended September 30, 2022. 3rd Quarter 2023 Highlights Net interest income for the quarter of $43.1 million was $0.1 million above prior quarter but $0.4 million below prior year same quarter, as our net interest margin decreased 8 basis points from prior quarter and 9 basis points from prior year same quarter. Provision for credit losses at $1.9 million for the quarter decreased $0.1 million from prior quarter and $0.5 million from prior year same quarter. Our loan portfolio at $4.0 billion increased $55.3 million, an annualized 5.6%, from June 30, 2023 and $354.4 million, or 9.8%, from September 30, 2022. We had net loan charge-offs of $1.2 million, or 0.12% of average loans annualized, for the third quarter 2023 compared to $0.7 million, or 0.07% of average loans annualized, for the second quarter 2023 and $0.3 million, or 0.04% of average loans annualized, for the quarter ended September 30, 2022. Our total nonperforming loans increased to $13.0 million at September 30, 2023 from $11.7 million at June 30, 2023 but decreased $0.7 million from the $13.7 million at September 30, 2022. Nonperforming assets at $15.2 million increased $1.4 million from June 30, 2023 but decreased $0.4 million from September 30, 2022. Deposits, including repurchase agreements, at $4.9 billion increased $114.8 million, or an annualized 9.6%, from June 30, 2023 and $95.3 million, or 2.0% from September 30, 2022. Shareholders’ equity at $653.0 million decreased $7.1 million, or an annualized 4.3%, during the quarter but increased $50.5 million, or 8.4%, from September 30, 2022. Net unrealized losses on securities, net of deferred taxes, were $141.4 million at September 30, 2023, compared to $121.3 million at June 30, 2023 and $139.4 million at September 30, 2022. Management has evaluated the unrealized losses and determined that they were primarily driven by market rates. Management has the ability and intent to hold these securities to recovery or maturity. Noninterest income for the quarter ended September 30, 2023 of $15.5 million was $0.7 million, or 5.0%, above prior quarter and $0.8 million, or 5.6%, above prior year same quarter. Noninterest expense for the quarter ended September 30, 2023 of $30.8 million was $0.2 million, or 0.6%, below prior quarter and $0.6 million, or 2.0%, below prior year same quarter. Net Interest Income Percent Change 3Q 2023 Compared to: ($ in thousands) 3Q 2023 2Q 2023 3Q 2022 2Q 2023 3Q 2022 YTD 2023 YTD 2022 Percent Change Components of net interest income: Income on earning assets $69,499 $64,827 $51,405 7.2% 35.2% $195,321 $140,284 39.2% Expense on interest bearing liabilities 26,359 21,748 7,869 21.2% 234.9% 65,186 15,926 309.3% Net interest income 43,140 43,079 43,536 0.1% (0.9%) 130,135 124,358 4.6% TEQ 298 298 240 0.0% 24.1% 894 707 26.4% Net interest income, tax equivalent $43,438 $43,377 $43,776 0.1% (0.8%) $131,029 $125,065 4.8% Average yield and rates paid: Earning assets yield 5.25% 5.03% 3.97% 4.3% 32.3% 5.05% 3.66% 37.8% Rate paid on interest bearing liabilities 2.93% 2.54% 0.93% 15.4% 215.4% 2.52% 0.63% 298.1% Gross interest margin 2.32% 2.49% 3.04% (7.0%) (23.7%) 2.53% 3.03% (16.7%) Net interest margin 3.27% 3.35% 3.36% (2.5%) (2.9%) 3.37% 3.25% 3.7% Average balances: Investment securities $1,178,707 $1,230,556 $1,380,881 (4.2%) (14.6%) $1,220,135 $1,438,769 (15.2%) Loans $3,952,096 $3,836,446 $3,568,174 3.0% 10.8% $3,843,441 $3,516,114 9.3% Earning assets $5,274,542 $5,189,716 $5,163,624 1.6% 2.1% $5,199,072 $5,146,251 1.0% Interest-bearing liabilities $3,567,343 $3,435,072 $3,359,242 3.9% 6.2% $3,455,666 $3,361,097 2.8% Net interest income for the quarter of $43.1 million was $0.1 million above prior quarter but $0.4 million below prior year same quarter. Our net interest margin, on a fully tax equivalent basis, at 3.27% decreased 8 basis points from prior quarter and 9 basis points from prior year same quarter. Our average earning assets increased $84.8 million from prior quarter and $110.9 million from prior year same quarter. Our yield on average earning assets increased 22 basis points from prior quarter and 128 basis points from prior year same quarter, and our cost of funds increased 39 basis points from prior quarter and 200 basis points from prior year same quarter. Our net interest income for the nine months ended September 30, 2023 was $130.1 million compared to $124.4 million for the nine months ended September 30, 2022. Our ratio of average loans to deposits, including repurchase agreements, was 83.2% for the quarter ended September 30, 2023 compared to 81.2% for the quarter ended June 30, 2023 and 75.4% for the quarter ended September 30, 2022. Noninterest Income Percent Change 3Q 2023 Compared to: ($ in thousands) 3Q 2023 2Q 2023 3Q 2022 2Q 2023 3Q 2022 YTD 2023 YTD 2022 Percent Change Deposit related fees $7,823 $7,513 $7,629 4.1% 2.5% $22,623 $21,638 4.6% Trust revenue 3,277 3,351 2,989 (2.2%) 9.6% 9,707 9,435 2.9% Gains on sales of loans 105 115 235 (8.8%) (55.3%) 341 1,351 (74.7%) Loan related fees 1,283 1,197 1,589 7.2% (19.3%) 3,325 5,066 (34.4%) Bank owned life insurance revenue 1,108 735 743 50.7% 49.1% 2,701 2,136 26.5% Brokerage revenue 452 388 453 16.5% (0.2%) 1,188 1,502 (20.9%) Other 1,448 1,457 1,041 (0.6%) 39.1% 4,049 3,017 34.2% Total noninterest income $15,496 $14,756 $14,679 5.0% 5.6% $43,934 $44,145 (0.5%) Noninterest income for the quarter ended September 30, 2023 of $15.5 million was $0.7 million, or 5.0%, above prior quarter and $0.8 million, or 5.6%, above prior year same quarter. The quarter over quarter increase included a $0.3 million increase in deposit related fees, a $0.2 million increase in securities gains, and a $0.4 million increase in bank owned life insurance. The year over year increase included a $0.2 million increase in deposit related fees, a $0.3 million increase in trust revenue, a $0.5 million increase in securities gains, and a $0.4 million increase in bank owned life insurance partially offset by a $0.1 million decline in gains on sales of loans and a $0.3 million decline in loan related fees resulting from the fluctuation in the fair market value of our mortgage servicing rights. Noninterest income for the first nine months of 2023 was $43.9 million compared to $44.1 million for the nine months ended September 30, 2022. Noninterest Expense Percent Change 3Q 2023 Compared to: ($ in thousands) 3Q 2023 2Q 2023 3Q 2022 2Q 2023 3Q 2022 YTD 2023 YTD 2022 Percent Change Salaries $12,755 $12,732 $12,537 0.2% 1.7% $38,120 $36,495 4.5% Employee benefits 5,298 5,573 6,009 (4.9%) (11.8%) 17,146 18,123 (5.4%) Net occupancy and equipment 2,875 2,895 2,897 (0.7%) (0.8%) 8,798 8,507 3.4% Data processing 2,410 2,383 2,270 1.1% 6.2% 7,096 6,566 8.1% Legal and professional fees 722 912 752 (20.8%) (3.9%) 2,450 2,503 (2.1%) Advertising and marketing 767 704 768 9.0% (0.1%) 2,291 2,180 5.1% Taxes other than property and payroll 420 433 422 (3.1%) (0.4%) 1,285 1,274 0.9% Net other real estate owned expense 165 61 42 169.9% 292.9% 345 438 (21.2%) Other 5,435 5,332 5,778 1.9% (5.9%) 16,231 14,726 10.2% Total noninterest expense $30,847 $31,025 $31,475 (0.6%) (2.0%) $93,762 $90,812 3.2% Noninterest expense for the quarter ended September 30, 2023 of $30.8 million was $0.2 million, or 0.6%, below prior quarter and $0.6 million, or 2.0%, below prior year same quarter. The decrease in noninterest expense quarter over quarter included a $0.3 million decrease in personnel expense. The decrease in personnel expense included a $0.7 million decrease in group medical and life insurance partially offset by a $0.4 million increase in bonuses and incentives. The decrease year over year was primarily a decrease in personnel costs of $0.5 million which included a $0.6 million decrease in bonuses and incentives, and a $0.1 million decrease in group medical and life insurance, partially offset by a $0.2 million increase in salary expense. Noninterest expense for the first nine months of 2023 was $93.8 million compared to $90.8 million for the nine months ended September 30, 2022. Balance Sheet Review Total Loans Percent Change 3Q 2023 Compared to: ($ in thousands) 3Q 2023 2Q 2023 3Q 2022 2Q 2023 3Q 2022 Commercial nonresidential real estate $788,287 $787,598 $756,138 0.1% 4.3% Commercial residential real estate 404,779 393,309 359,643 2.9% 12.6% Hotel/motel 386,067 372,981 335,253 3.5% 15.2% Other commercial 377,449 396,741 385,356 (4.9%) (2.1%) Total commercial 1,956,582 1,950,629 1,836,390 0.3% 6.5% Residential mortgage 916,580 883,104 814,944 3.8% 12.5% Home equity loans/lines 139,085 132,033 115,400 5.3% 20.5% Total residential 1,055,665 1,015,137 930,344 4.0% 13.5% Consumer indirect 812,060 806,081 703,016 0.7% 15.5% Consumer direct 160,712 157,848 160,866 1.8% (0.1%) Total consumer 972,772 963,929 863,882 0.9% 12.6% Total loans $3,985,019 $3,929,695 $3,630,616 1.4% 9.8% Total Deposits and Repurchase Agreements Percent Change 3Q 2023 Compared to: ($ in thousands) 3Q 2023 2Q 2023 3Q 2022 2Q 2023 3Q 2022 Non-interest bearing deposits $1,314,189 $1,361,078 $1,481,078 (3.4%) (11.3%) Interest bearing deposits Interest checking 125,107 142,542 100,680 (12.2%) 24.3% Money market savings 1,412,679 1,389,081 1,268,682 1.7% 11.4% Savings accounts 556,820 611,772 683,697 (9.0%) (18.6%) Time deposits 1,219,097 1,012,187 1,000,931 20.4% 21.8% Repurchase agreements 232,577 229,020 230,123 1.6% 1.1% Total interest bearing deposits and repurchase agreements 3,546,280 3,384,602 3,284,113 4.8% 8.0% Total deposits and repurchase agreements $4,860,469 $4,745,680 $4,765,191 2.4% 2.0% CTBI’s total assets at $5.6 billion as of September 30, 2023 increased $114.1 million, or 8.2% annualized, from June 30 2023 and $160.6 million, or 2.9%, from September 30, 2022. Loans outstanding at September 30, 2023 were $4.0 billion, an increase of $55.3 million, an annualized 5.6%, from June 30, 2023 and $354.4 million, or 9.8%, from September 30, 2022. The increase in loans from prior quarter included a $6.0 million increase in the commercial loan portfolio, a $40.5 million increase in the residential loan portfolio, a $6.0 million increase in the indirect consumer loan portfolio, and a $2.8 million increase in the consumer direct loan portfolio. CTBI’s investment portfolio decreased $65.0 million, or an annualized 21.4%, from June 30, 2023 and $161.8 million, or 12.4%, from September 30, 2022. Deposits in other banks increased $92.3 million from prior quarter but decreased $49.1 million from September 30, 2022. Deposits, including repurchase agreements, at $4.9 billion increased $114.8 million, or an annualized 9.6%, from June 30, 2023 and $95.3 million, or 2.0%, from September 30, 2022. Shareholders’ equity at $653.0 million decreased $7.0 million, or an annualized 4.3%, during the quarter but increased $50.5 million, or 8.4%, from September 30, 2022, as unrealized losses on our securities portfolio continue to impact equity. Net unrealized losses on securities, net of deferred taxes, were $141.4 million at September 30, 2023, compared to $121.3 million at June 30, 2023 and $139.4 million at September 30, 2022. Management has evaluated the unrealized losses and determined that they were primarily driven by market rates. Management has the ability and intent to hold these securities to recovery or maturity. CTBI’s annualized dividend yield to shareholders as of September 30, 2023 was 5.37%. Asset Quality Our total nonperforming loans increased to $13.0 million at September 30, 2023 from $11.7 million at June 30, 2023 but decreased $0.7 million from the $13.7 million at September 30, 2022. Prior year nonperforming loans, as previously reported, exclude troubled debt restructurings which have been eliminated in the current period due to implementation of Accounting Standard Update 2022-02. Accruing loans 90+ days past due at $8.1 million increased $1.7 million from prior quarter and $2.5 million from September 30, 2022. Nonaccrual loans at $4.9 million decreased $0.4 million from prior quarter and $3.2 million from September 30, 2022. Accruing loans 30-89 days past due at $12.1 million decreased $0.1 million from prior quarter and were relatively flat to September 30, 2022. Our loan portfolio management processes focus on the immediate identification, management, and resolution of problem loans to maximize recovery and minimize loss. Our level of foreclosed properties was $2.2 million at September 30, 2023 compared to $2.0 million at June 30, 2023 and $1.9 million at September 30, 2022. Sales of foreclosed properties for the quarter ended September 30, 2023 totaled $0.1 million while new foreclosed properties totaled $0.3 million. At September 30, 2023, the book value of properties under contracts to sell was $0.8 million; however, the closings had not occurred at quarter-end. We had net loan charge-offs of $1.2 million, or 0.12% of average loans annualized, for the third quarter 2023 compared to $0.7 million, or 0.07% of average loans annualized, for the second quarter 2023 and $0.3 million, or 0.04% of average loans annualized, for the quarter ended September 30, 2022. Net charge-offs for the nine months ended September 30, 2023 were $2.3 million, or 0.08% of average loans annualized compared to $0.7 million, or 0.03% of average loans annualized, for the nine months ended September 30, 2022. Allowance for Credit Losses Our provision for credit losses for the quarter decreased $0.1 million from prior quarter and $0.5 million from prior year same quarter. Our reserve coverage (allowance for credit losses to nonperforming loans) at September 30, 2023 was 375.2% compared to 408.9% at June 30, 2023 and 324.5% at September 30, 2022. Our credit loss reserve as a percentage of total loans outstanding at September 30, 2023 remained at 1.22% from June 30, 2023 and September 30, 2022. Forward-Looking Statements Certain of the statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Community Trust Bancorp, Inc.’s (“CTBI”) actual results may differ materially from those included in the forward-looking statements. Forward-looking statements are typically identified by words or phrases such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “may increase,” “may fluctuate,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” and “could.” These forward-looking statements involve risks and uncertainties including, but not limited to, economic conditions, portfolio growth, the credit performance of the portfolios, including bankruptcies, and seasonal factors; changes in general economic conditions including the performance of financial markets, prevailing inflation and interest rates, realized gains from sales of investments, gains from asset sales, and losses on commercial lending activities; the effects of the COVID-19 pandemic on our business operations and credit quality and on general economic and financial market conditions, as well as our ability to respond to the related challenges; results of various investment activities; the effects of competitors’ pricing policies, changes in laws and regulations, competition, and demographic changes on target market populations’ savings and financial planning needs; industry changes in information technology systems on which we are highly dependent; failure of acquisitions to produce revenue enhancements or cost savings at levels or within the time frames originally anticipated or unforeseen integration difficulties; and the resolution of legal proceedings and related matters. In addition, the banking industry in general is subject to various monetary, operational, and fiscal policies and regulations, which include, but are not limited to, those determined by the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Consumer Financial Protection Bureau, and state regulators, whose policies, regulations, and enforcement actions could affect CTBI’s results. These statements are representative only on the date hereof, and CTBI undertakes no obligation to update any forward-looking statements made. Community Trust Bancorp, Inc., with assets of $5.6 billion, is headquartered in Pikeville, Kentucky and has 70 banking locations across eastern, northeastern, central, and south central Kentucky, six banking locations in southern West Virginia, three banking locations in northeastern Tennessee, four trust offices across Kentucky, and one trust office in Tennessee. Additional information follows. Community Trust Bancorp, Inc. Financial Summary (Unaudited) September 30, 2023 (in thousands except per share data and # of employees) Three Three Three Nine Nine Months Months Months Months Months Ended Ended Ended Ended Ended September 30, 2023 June 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Interest income $ 69,499 $ 64,827 $ 51,405 $ 195,321 $ 140,284 Interest expense 26,359 21,748 7,869 65,186 15,926 Net interest income 43,140 43,079 43,536 130,135 124,358 Loan loss provision 1,871 2,009 2,414 4,996 3,366 Gains on sales of loans 105 115 235 341 1,351 Deposit related fees 7,823 7,513 7,629 22,623 21,638 Trust revenue 3,277 3,351 2,989 9,707 9,435 Loan related fees 1,283 1,197 1,589 3,325 5,066 Securities gains (losses) 355 165 (159 ) 738 (285 ) Other noninterest income 2,653 2,415 2,396 7,200 6,940 Total noninterest income 15,496 14,756 14,679 43,934 44,145 Personnel expense 18,053 18,305 18,546 55,266 54,618 Occupancy and equipment 2,875 2,895 2,897 8,798 8,507 Data processing expense 2,410 2,383 2,270 7,096 6,566 FDIC insurance premiums 612 610 360 1,828 1,073 Other noninterest expense 6,897 6,832 7,402 20,774 20,048 Total noninterest expense 30,847 31,025 31,475 93,762 90,812 Net income before taxes 25,918 24,801 24,326 75,311 74,325 Income taxes 5,290 5,397 4,954 15,966 14,954 Net income $ 20,628 $ 19,404 $ 19,372 $ 59,345 $ 59,371 Memo: TEQ interest income $ 69,797 $ 65,125 $ 51,645 $ 196,215 $ 140,991 Average shares outstanding 17,893 17,884 17,841 17,882 17,832 Diluted average shares outstanding 17,904 17,890 17,857 17,892 17,844 Basic earnings per share $ 1.15 $ 1.09 $ 1.09 $ 3.32 $ 3.33 Diluted earnings per share $ 1.15 $ 1.08 $ 1.08 $ 3.32 $ 3.33 Dividends per share $ 0.46 $ 0.44 $ 0.44 $ 1.34 $ 1.24 Average balances: Loans $ 3,952,096 $ 3,836,446 $ 3,568,174 $ 3,843,441 $ 3,516,114 Earning assets 5,274,542 5,189,716 5,163,624 5,199,072 5,146,251 Total assets 5,603,586 5,509,776 5,477,596 5,524,343 5,447,439 Deposits, including repurchase agreements 4,750,448 4,727,386 4,733,393 4,722,207 4,691,322 Interest bearing liabilities 3,567,343 3,435,072 3,359,242 3,455,666 3,361,097 Shareholders' equity 665,129 663,896 636,038 660,063 650,877 Performance ratios: Return on average assets 1.46 % 1.41 % 1.40 % 1.44 % 1.46 % Return on average equity 12.30 % 11.72 % 12.08 % 12.02 % 12.20 % Yield on average earning assets (tax equivalent) 5.25 % 5.03 % 3.97 % 5.05 % 3.66 % Cost of interest bearing funds (tax equivalent) 2.93 % 2.54 % 0.93 % 2.52 % 0.63 % Net interest margin (tax equivalent) 3.27 % 3.35 % 3.36 % 3.37 % 3.25 % Efficiency ratio (tax equivalent) 52.66 % 53.52 % 53.70 % 53.82 % 53.58 % Loan charge-offs $ 2,012 $ 1,953 $ 1,203 $ 5,730 $ 3,351 Recoveries (842 ) (1,279 ) (878 ) (3,472 ) (2,662 ) Net charge-offs $ 1,170 $ 674 $ 325 $ 2,258 $ 689 Market Price: High $ 39.86 $ 40.30 $ 45.37 $ 47.35 $ 46.30 Low $ 33.48 $ 32.68 $ 39.65 $ 32.68 $ 39.10 Close $ 34.26 $ 35.57 $ 40.55 $ 34.26 $ 40.55 As of As of As of September 30, 2023 June 30, 2023 September 30, 2022 Assets: Loans $ 3,985,019 $ 3,929,695 $ 3,630,616 Loan loss reserve (48,719 ) (48,018 ) (44,433 ) Net loans 3,936,300 3,881,677 3,586,183 Loans held for sale - 238 1,043 Securities AFS 1,135,878 1,201,253 1,298,592 Equity securities at fair value 2,900 2,545 1,969 Other equity investments 12,557 11,432 11,563 Other earning assets 152,064 62,726 201,196 Cash and due from banks 69,291 48,915 60,527 Premises and equipment 44,962 42,911 41,593 Right of use asset 16,100 16,678 12,131 Goodwill and core deposit intangible 65,490 65,490 65,490 Other assets 199,390 186,933 194,051 Total Assets $ 5,634,932 $ 5,520,798 $ 5,474,338 Liabilities and Equity: Interest bearing checking $ 125,107 $ 142,542 $ 100,680 Savings deposits 1,969,499 2,000,853 1,952,379 CD's >=$100,000 666,808 538,492 537,233 Other time deposits 552,289 473,695 463,698 Total interest bearing deposits 3,313,703 3,155,582 3,053,990 Noninterest bearing deposits 1,314,189 1,361,078 1,481,078 Total deposits 4,627,892 4,516,660 4,535,068 Repurchase agreements 232,577 229,020 230,123 Other interest bearing liabilities 65,136 65,195 58,701 Lease liability 16,801 17,317 12,636 Other noninterest bearing liabilities 39,492 32,481 35,250 Total liabilities 4,981,898 4,860,673 4,871,778 Shareholders' equity 653,034 660,125 602,560 Total Liabilities and Equity $ 5,634,932 $ 5,520,798 $ 5,474,338 Ending shares outstanding 17,991 17,984 17,901 30 - 89 days past due loans $ 12,098 $ 12,158 $ 12,058 90 days past due loans 8,069 6,399 5,554 Nonaccrual loans 4,916 5,345 8,138 Foreclosed properties 2,175 2,047 1,864 Community bank leverage ratio 13.78 % 13.82 % 13.24 % Tangible equity to tangible assets ratio 10.55 % 10.90 % 9.93 % FTE employees 951 975 964 View source version on businesswire.com: https://www.businesswire.com/news/home/20231018479369/en/Contacts Mark A. Gooch Vice Chairman, President, and CEO Community Trust Bancorp, Inc. (606) 437-3229
Community Trust Bancorp, Inc. (NASDAQ: CTBI): Earnings Summary (in thousands except per share data) 3Q 2023 2Q 2023 3Q 2022 YTD 2023 YTD 2022 Net income $20,628 $19,404 $19,372 $59,345 $59,371 Earnings per share $1.15 $1.09 $1.09 $3.32 $3.33 Earnings per share - diluted $1.15 $1.08 $1.08 $3.32 $3.33 Return on average assets 1.46% 1.41% 1.40% 1.44% 1.46% Return on average equity 12.30% 11.72% 12.08% 12.02% 12.20% Efficiency ratio 52.66% 53.52% 53.70% 53.82% 53.58% Tangible common equity 10.55% 10.90% 9.93% Dividends declared per share $0.46 $0.44 $0.44 $1.34 $1.24 Book value per share $36.30 $36.71 $33.66 Weighted average shares 17,893 17,884 17,841 17,882 17,832 Weighted average shares - diluted 17,904 17,890 17,857 17,892 17,844 Community Trust Bancorp, Inc. (NASDAQ: CTBI) achieved earnings for the third quarter 2023 of $20.6 million, or $1.15 per basic share, compared to $19.4 million, or $1.09 per basic share, earned during the second quarter 2023 and $19.4 million, or $1.09 per basic share, earned during the third quarter 2022. Total revenue was $0.8 million above prior quarter and $0.4 million above prior year same quarter. Net interest revenue increased $0.1 million compared to prior quarter but decreased $0.4 million compared to prior year same quarter, and noninterest income increased $0.7 million compared to prior quarter and $0.8 million compared to prior year same quarter. Our provision for credit losses for the quarter decreased $0.1 million for the quarter and $0.5 million from prior year third quarter. Noninterest expense decreased $0.2 million compared to prior quarter and $0.6 million compared to prior year same quarter. Earnings for the nine months ended September 30, 2023 were $59.3 million, or $3.32 per basic share, compared to $59.4 million, or $3.33 per basic share for the nine months ended September 30, 2022. 3rd Quarter 2023 Highlights Net interest income for the quarter of $43.1 million was $0.1 million above prior quarter but $0.4 million below prior year same quarter, as our net interest margin decreased 8 basis points from prior quarter and 9 basis points from prior year same quarter. Provision for credit losses at $1.9 million for the quarter decreased $0.1 million from prior quarter and $0.5 million from prior year same quarter. Our loan portfolio at $4.0 billion increased $55.3 million, an annualized 5.6%, from June 30, 2023 and $354.4 million, or 9.8%, from September 30, 2022. We had net loan charge-offs of $1.2 million, or 0.12% of average loans annualized, for the third quarter 2023 compared to $0.7 million, or 0.07% of average loans annualized, for the second quarter 2023 and $0.3 million, or 0.04% of average loans annualized, for the quarter ended September 30, 2022. Our total nonperforming loans increased to $13.0 million at September 30, 2023 from $11.7 million at June 30, 2023 but decreased $0.7 million from the $13.7 million at September 30, 2022. Nonperforming assets at $15.2 million increased $1.4 million from June 30, 2023 but decreased $0.4 million from September 30, 2022. Deposits, including repurchase agreements, at $4.9 billion increased $114.8 million, or an annualized 9.6%, from June 30, 2023 and $95.3 million, or 2.0% from September 30, 2022. Shareholders’ equity at $653.0 million decreased $7.1 million, or an annualized 4.3%, during the quarter but increased $50.5 million, or 8.4%, from September 30, 2022. Net unrealized losses on securities, net of deferred taxes, were $141.4 million at September 30, 2023, compared to $121.3 million at June 30, 2023 and $139.4 million at September 30, 2022. Management has evaluated the unrealized losses and determined that they were primarily driven by market rates. Management has the ability and intent to hold these securities to recovery or maturity. Noninterest income for the quarter ended September 30, 2023 of $15.5 million was $0.7 million, or 5.0%, above prior quarter and $0.8 million, or 5.6%, above prior year same quarter. Noninterest expense for the quarter ended September 30, 2023 of $30.8 million was $0.2 million, or 0.6%, below prior quarter and $0.6 million, or 2.0%, below prior year same quarter. Net Interest Income Percent Change 3Q 2023 Compared to: ($ in thousands) 3Q 2023 2Q 2023 3Q 2022 2Q 2023 3Q 2022 YTD 2023 YTD 2022 Percent Change Components of net interest income: Income on earning assets $69,499 $64,827 $51,405 7.2% 35.2% $195,321 $140,284 39.2% Expense on interest bearing liabilities 26,359 21,748 7,869 21.2% 234.9% 65,186 15,926 309.3% Net interest income 43,140 43,079 43,536 0.1% (0.9%) 130,135 124,358 4.6% TEQ 298 298 240 0.0% 24.1% 894 707 26.4% Net interest income, tax equivalent $43,438 $43,377 $43,776 0.1% (0.8%) $131,029 $125,065 4.8% Average yield and rates paid: Earning assets yield 5.25% 5.03% 3.97% 4.3% 32.3% 5.05% 3.66% 37.8% Rate paid on interest bearing liabilities 2.93% 2.54% 0.93% 15.4% 215.4% 2.52% 0.63% 298.1% Gross interest margin 2.32% 2.49% 3.04% (7.0%) (23.7%) 2.53% 3.03% (16.7%) Net interest margin 3.27% 3.35% 3.36% (2.5%) (2.9%) 3.37% 3.25% 3.7% Average balances: Investment securities $1,178,707 $1,230,556 $1,380,881 (4.2%) (14.6%) $1,220,135 $1,438,769 (15.2%) Loans $3,952,096 $3,836,446 $3,568,174 3.0% 10.8% $3,843,441 $3,516,114 9.3% Earning assets $5,274,542 $5,189,716 $5,163,624 1.6% 2.1% $5,199,072 $5,146,251 1.0% Interest-bearing liabilities $3,567,343 $3,435,072 $3,359,242 3.9% 6.2% $3,455,666 $3,361,097 2.8% Net interest income for the quarter of $43.1 million was $0.1 million above prior quarter but $0.4 million below prior year same quarter. Our net interest margin, on a fully tax equivalent basis, at 3.27% decreased 8 basis points from prior quarter and 9 basis points from prior year same quarter. Our average earning assets increased $84.8 million from prior quarter and $110.9 million from prior year same quarter. Our yield on average earning assets increased 22 basis points from prior quarter and 128 basis points from prior year same quarter, and our cost of funds increased 39 basis points from prior quarter and 200 basis points from prior year same quarter. Our net interest income for the nine months ended September 30, 2023 was $130.1 million compared to $124.4 million for the nine months ended September 30, 2022. Our ratio of average loans to deposits, including repurchase agreements, was 83.2% for the quarter ended September 30, 2023 compared to 81.2% for the quarter ended June 30, 2023 and 75.4% for the quarter ended September 30, 2022. Noninterest Income Percent Change 3Q 2023 Compared to: ($ in thousands) 3Q 2023 2Q 2023 3Q 2022 2Q 2023 3Q 2022 YTD 2023 YTD 2022 Percent Change Deposit related fees $7,823 $7,513 $7,629 4.1% 2.5% $22,623 $21,638 4.6% Trust revenue 3,277 3,351 2,989 (2.2%) 9.6% 9,707 9,435 2.9% Gains on sales of loans 105 115 235 (8.8%) (55.3%) 341 1,351 (74.7%) Loan related fees 1,283 1,197 1,589 7.2% (19.3%) 3,325 5,066 (34.4%) Bank owned life insurance revenue 1,108 735 743 50.7% 49.1% 2,701 2,136 26.5% Brokerage revenue 452 388 453 16.5% (0.2%) 1,188 1,502 (20.9%) Other 1,448 1,457 1,041 (0.6%) 39.1% 4,049 3,017 34.2% Total noninterest income $15,496 $14,756 $14,679 5.0% 5.6% $43,934 $44,145 (0.5%) Noninterest income for the quarter ended September 30, 2023 of $15.5 million was $0.7 million, or 5.0%, above prior quarter and $0.8 million, or 5.6%, above prior year same quarter. The quarter over quarter increase included a $0.3 million increase in deposit related fees, a $0.2 million increase in securities gains, and a $0.4 million increase in bank owned life insurance. The year over year increase included a $0.2 million increase in deposit related fees, a $0.3 million increase in trust revenue, a $0.5 million increase in securities gains, and a $0.4 million increase in bank owned life insurance partially offset by a $0.1 million decline in gains on sales of loans and a $0.3 million decline in loan related fees resulting from the fluctuation in the fair market value of our mortgage servicing rights. Noninterest income for the first nine months of 2023 was $43.9 million compared to $44.1 million for the nine months ended September 30, 2022. Noninterest Expense Percent Change 3Q 2023 Compared to: ($ in thousands) 3Q 2023 2Q 2023 3Q 2022 2Q 2023 3Q 2022 YTD 2023 YTD 2022 Percent Change Salaries $12,755 $12,732 $12,537 0.2% 1.7% $38,120 $36,495 4.5% Employee benefits 5,298 5,573 6,009 (4.9%) (11.8%) 17,146 18,123 (5.4%) Net occupancy and equipment 2,875 2,895 2,897 (0.7%) (0.8%) 8,798 8,507 3.4% Data processing 2,410 2,383 2,270 1.1% 6.2% 7,096 6,566 8.1% Legal and professional fees 722 912 752 (20.8%) (3.9%) 2,450 2,503 (2.1%) Advertising and marketing 767 704 768 9.0% (0.1%) 2,291 2,180 5.1% Taxes other than property and payroll 420 433 422 (3.1%) (0.4%) 1,285 1,274 0.9% Net other real estate owned expense 165 61 42 169.9% 292.9% 345 438 (21.2%) Other 5,435 5,332 5,778 1.9% (5.9%) 16,231 14,726 10.2% Total noninterest expense $30,847 $31,025 $31,475 (0.6%) (2.0%) $93,762 $90,812 3.2% Noninterest expense for the quarter ended September 30, 2023 of $30.8 million was $0.2 million, or 0.6%, below prior quarter and $0.6 million, or 2.0%, below prior year same quarter. The decrease in noninterest expense quarter over quarter included a $0.3 million decrease in personnel expense. The decrease in personnel expense included a $0.7 million decrease in group medical and life insurance partially offset by a $0.4 million increase in bonuses and incentives. The decrease year over year was primarily a decrease in personnel costs of $0.5 million which included a $0.6 million decrease in bonuses and incentives, and a $0.1 million decrease in group medical and life insurance, partially offset by a $0.2 million increase in salary expense. Noninterest expense for the first nine months of 2023 was $93.8 million compared to $90.8 million for the nine months ended September 30, 2022. Balance Sheet Review Total Loans Percent Change 3Q 2023 Compared to: ($ in thousands) 3Q 2023 2Q 2023 3Q 2022 2Q 2023 3Q 2022 Commercial nonresidential real estate $788,287 $787,598 $756,138 0.1% 4.3% Commercial residential real estate 404,779 393,309 359,643 2.9% 12.6% Hotel/motel 386,067 372,981 335,253 3.5% 15.2% Other commercial 377,449 396,741 385,356 (4.9%) (2.1%) Total commercial 1,956,582 1,950,629 1,836,390 0.3% 6.5% Residential mortgage 916,580 883,104 814,944 3.8% 12.5% Home equity loans/lines 139,085 132,033 115,400 5.3% 20.5% Total residential 1,055,665 1,015,137 930,344 4.0% 13.5% Consumer indirect 812,060 806,081 703,016 0.7% 15.5% Consumer direct 160,712 157,848 160,866 1.8% (0.1%) Total consumer 972,772 963,929 863,882 0.9% 12.6% Total loans $3,985,019 $3,929,695 $3,630,616 1.4% 9.8% Total Deposits and Repurchase Agreements Percent Change 3Q 2023 Compared to: ($ in thousands) 3Q 2023 2Q 2023 3Q 2022 2Q 2023 3Q 2022 Non-interest bearing deposits $1,314,189 $1,361,078 $1,481,078 (3.4%) (11.3%) Interest bearing deposits Interest checking 125,107 142,542 100,680 (12.2%) 24.3% Money market savings 1,412,679 1,389,081 1,268,682 1.7% 11.4% Savings accounts 556,820 611,772 683,697 (9.0%) (18.6%) Time deposits 1,219,097 1,012,187 1,000,931 20.4% 21.8% Repurchase agreements 232,577 229,020 230,123 1.6% 1.1% Total interest bearing deposits and repurchase agreements 3,546,280 3,384,602 3,284,113 4.8% 8.0% Total deposits and repurchase agreements $4,860,469 $4,745,680 $4,765,191 2.4% 2.0% CTBI’s total assets at $5.6 billion as of September 30, 2023 increased $114.1 million, or 8.2% annualized, from June 30 2023 and $160.6 million, or 2.9%, from September 30, 2022. Loans outstanding at September 30, 2023 were $4.0 billion, an increase of $55.3 million, an annualized 5.6%, from June 30, 2023 and $354.4 million, or 9.8%, from September 30, 2022. The increase in loans from prior quarter included a $6.0 million increase in the commercial loan portfolio, a $40.5 million increase in the residential loan portfolio, a $6.0 million increase in the indirect consumer loan portfolio, and a $2.8 million increase in the consumer direct loan portfolio. CTBI’s investment portfolio decreased $65.0 million, or an annualized 21.4%, from June 30, 2023 and $161.8 million, or 12.4%, from September 30, 2022. Deposits in other banks increased $92.3 million from prior quarter but decreased $49.1 million from September 30, 2022. Deposits, including repurchase agreements, at $4.9 billion increased $114.8 million, or an annualized 9.6%, from June 30, 2023 and $95.3 million, or 2.0%, from September 30, 2022. Shareholders’ equity at $653.0 million decreased $7.0 million, or an annualized 4.3%, during the quarter but increased $50.5 million, or 8.4%, from September 30, 2022, as unrealized losses on our securities portfolio continue to impact equity. Net unrealized losses on securities, net of deferred taxes, were $141.4 million at September 30, 2023, compared to $121.3 million at June 30, 2023 and $139.4 million at September 30, 2022. Management has evaluated the unrealized losses and determined that they were primarily driven by market rates. Management has the ability and intent to hold these securities to recovery or maturity. CTBI’s annualized dividend yield to shareholders as of September 30, 2023 was 5.37%. Asset Quality Our total nonperforming loans increased to $13.0 million at September 30, 2023 from $11.7 million at June 30, 2023 but decreased $0.7 million from the $13.7 million at September 30, 2022. Prior year nonperforming loans, as previously reported, exclude troubled debt restructurings which have been eliminated in the current period due to implementation of Accounting Standard Update 2022-02. Accruing loans 90+ days past due at $8.1 million increased $1.7 million from prior quarter and $2.5 million from September 30, 2022. Nonaccrual loans at $4.9 million decreased $0.4 million from prior quarter and $3.2 million from September 30, 2022. Accruing loans 30-89 days past due at $12.1 million decreased $0.1 million from prior quarter and were relatively flat to September 30, 2022. Our loan portfolio management processes focus on the immediate identification, management, and resolution of problem loans to maximize recovery and minimize loss. Our level of foreclosed properties was $2.2 million at September 30, 2023 compared to $2.0 million at June 30, 2023 and $1.9 million at September 30, 2022. Sales of foreclosed properties for the quarter ended September 30, 2023 totaled $0.1 million while new foreclosed properties totaled $0.3 million. At September 30, 2023, the book value of properties under contracts to sell was $0.8 million; however, the closings had not occurred at quarter-end. We had net loan charge-offs of $1.2 million, or 0.12% of average loans annualized, for the third quarter 2023 compared to $0.7 million, or 0.07% of average loans annualized, for the second quarter 2023 and $0.3 million, or 0.04% of average loans annualized, for the quarter ended September 30, 2022. Net charge-offs for the nine months ended September 30, 2023 were $2.3 million, or 0.08% of average loans annualized compared to $0.7 million, or 0.03% of average loans annualized, for the nine months ended September 30, 2022. Allowance for Credit Losses Our provision for credit losses for the quarter decreased $0.1 million from prior quarter and $0.5 million from prior year same quarter. Our reserve coverage (allowance for credit losses to nonperforming loans) at September 30, 2023 was 375.2% compared to 408.9% at June 30, 2023 and 324.5% at September 30, 2022. Our credit loss reserve as a percentage of total loans outstanding at September 30, 2023 remained at 1.22% from June 30, 2023 and September 30, 2022. Forward-Looking Statements Certain of the statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Community Trust Bancorp, Inc.’s (“CTBI”) actual results may differ materially from those included in the forward-looking statements. Forward-looking statements are typically identified by words or phrases such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “may increase,” “may fluctuate,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” and “could.” These forward-looking statements involve risks and uncertainties including, but not limited to, economic conditions, portfolio growth, the credit performance of the portfolios, including bankruptcies, and seasonal factors; changes in general economic conditions including the performance of financial markets, prevailing inflation and interest rates, realized gains from sales of investments, gains from asset sales, and losses on commercial lending activities; the effects of the COVID-19 pandemic on our business operations and credit quality and on general economic and financial market conditions, as well as our ability to respond to the related challenges; results of various investment activities; the effects of competitors’ pricing policies, changes in laws and regulations, competition, and demographic changes on target market populations’ savings and financial planning needs; industry changes in information technology systems on which we are highly dependent; failure of acquisitions to produce revenue enhancements or cost savings at levels or within the time frames originally anticipated or unforeseen integration difficulties; and the resolution of legal proceedings and related matters. In addition, the banking industry in general is subject to various monetary, operational, and fiscal policies and regulations, which include, but are not limited to, those determined by the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Consumer Financial Protection Bureau, and state regulators, whose policies, regulations, and enforcement actions could affect CTBI’s results. These statements are representative only on the date hereof, and CTBI undertakes no obligation to update any forward-looking statements made. Community Trust Bancorp, Inc., with assets of $5.6 billion, is headquartered in Pikeville, Kentucky and has 70 banking locations across eastern, northeastern, central, and south central Kentucky, six banking locations in southern West Virginia, three banking locations in northeastern Tennessee, four trust offices across Kentucky, and one trust office in Tennessee. Additional information follows. Community Trust Bancorp, Inc. Financial Summary (Unaudited) September 30, 2023 (in thousands except per share data and # of employees) Three Three Three Nine Nine Months Months Months Months Months Ended Ended Ended Ended Ended September 30, 2023 June 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Interest income $ 69,499 $ 64,827 $ 51,405 $ 195,321 $ 140,284 Interest expense 26,359 21,748 7,869 65,186 15,926 Net interest income 43,140 43,079 43,536 130,135 124,358 Loan loss provision 1,871 2,009 2,414 4,996 3,366 Gains on sales of loans 105 115 235 341 1,351 Deposit related fees 7,823 7,513 7,629 22,623 21,638 Trust revenue 3,277 3,351 2,989 9,707 9,435 Loan related fees 1,283 1,197 1,589 3,325 5,066 Securities gains (losses) 355 165 (159 ) 738 (285 ) Other noninterest income 2,653 2,415 2,396 7,200 6,940 Total noninterest income 15,496 14,756 14,679 43,934 44,145 Personnel expense 18,053 18,305 18,546 55,266 54,618 Occupancy and equipment 2,875 2,895 2,897 8,798 8,507 Data processing expense 2,410 2,383 2,270 7,096 6,566 FDIC insurance premiums 612 610 360 1,828 1,073 Other noninterest expense 6,897 6,832 7,402 20,774 20,048 Total noninterest expense 30,847 31,025 31,475 93,762 90,812 Net income before taxes 25,918 24,801 24,326 75,311 74,325 Income taxes 5,290 5,397 4,954 15,966 14,954 Net income $ 20,628 $ 19,404 $ 19,372 $ 59,345 $ 59,371 Memo: TEQ interest income $ 69,797 $ 65,125 $ 51,645 $ 196,215 $ 140,991 Average shares outstanding 17,893 17,884 17,841 17,882 17,832 Diluted average shares outstanding 17,904 17,890 17,857 17,892 17,844 Basic earnings per share $ 1.15 $ 1.09 $ 1.09 $ 3.32 $ 3.33 Diluted earnings per share $ 1.15 $ 1.08 $ 1.08 $ 3.32 $ 3.33 Dividends per share $ 0.46 $ 0.44 $ 0.44 $ 1.34 $ 1.24 Average balances: Loans $ 3,952,096 $ 3,836,446 $ 3,568,174 $ 3,843,441 $ 3,516,114 Earning assets 5,274,542 5,189,716 5,163,624 5,199,072 5,146,251 Total assets 5,603,586 5,509,776 5,477,596 5,524,343 5,447,439 Deposits, including repurchase agreements 4,750,448 4,727,386 4,733,393 4,722,207 4,691,322 Interest bearing liabilities 3,567,343 3,435,072 3,359,242 3,455,666 3,361,097 Shareholders' equity 665,129 663,896 636,038 660,063 650,877 Performance ratios: Return on average assets 1.46 % 1.41 % 1.40 % 1.44 % 1.46 % Return on average equity 12.30 % 11.72 % 12.08 % 12.02 % 12.20 % Yield on average earning assets (tax equivalent) 5.25 % 5.03 % 3.97 % 5.05 % 3.66 % Cost of interest bearing funds (tax equivalent) 2.93 % 2.54 % 0.93 % 2.52 % 0.63 % Net interest margin (tax equivalent) 3.27 % 3.35 % 3.36 % 3.37 % 3.25 % Efficiency ratio (tax equivalent) 52.66 % 53.52 % 53.70 % 53.82 % 53.58 % Loan charge-offs $ 2,012 $ 1,953 $ 1,203 $ 5,730 $ 3,351 Recoveries (842 ) (1,279 ) (878 ) (3,472 ) (2,662 ) Net charge-offs $ 1,170 $ 674 $ 325 $ 2,258 $ 689 Market Price: High $ 39.86 $ 40.30 $ 45.37 $ 47.35 $ 46.30 Low $ 33.48 $ 32.68 $ 39.65 $ 32.68 $ 39.10 Close $ 34.26 $ 35.57 $ 40.55 $ 34.26 $ 40.55 As of As of As of September 30, 2023 June 30, 2023 September 30, 2022 Assets: Loans $ 3,985,019 $ 3,929,695 $ 3,630,616 Loan loss reserve (48,719 ) (48,018 ) (44,433 ) Net loans 3,936,300 3,881,677 3,586,183 Loans held for sale - 238 1,043 Securities AFS 1,135,878 1,201,253 1,298,592 Equity securities at fair value 2,900 2,545 1,969 Other equity investments 12,557 11,432 11,563 Other earning assets 152,064 62,726 201,196 Cash and due from banks 69,291 48,915 60,527 Premises and equipment 44,962 42,911 41,593 Right of use asset 16,100 16,678 12,131 Goodwill and core deposit intangible 65,490 65,490 65,490 Other assets 199,390 186,933 194,051 Total Assets $ 5,634,932 $ 5,520,798 $ 5,474,338 Liabilities and Equity: Interest bearing checking $ 125,107 $ 142,542 $ 100,680 Savings deposits 1,969,499 2,000,853 1,952,379 CD's >=$100,000 666,808 538,492 537,233 Other time deposits 552,289 473,695 463,698 Total interest bearing deposits 3,313,703 3,155,582 3,053,990 Noninterest bearing deposits 1,314,189 1,361,078 1,481,078 Total deposits 4,627,892 4,516,660 4,535,068 Repurchase agreements 232,577 229,020 230,123 Other interest bearing liabilities 65,136 65,195 58,701 Lease liability 16,801 17,317 12,636 Other noninterest bearing liabilities 39,492 32,481 35,250 Total liabilities 4,981,898 4,860,673 4,871,778 Shareholders' equity 653,034 660,125 602,560 Total Liabilities and Equity $ 5,634,932 $ 5,520,798 $ 5,474,338 Ending shares outstanding 17,991 17,984 17,901 30 - 89 days past due loans $ 12,098 $ 12,158 $ 12,058 90 days past due loans 8,069 6,399 5,554 Nonaccrual loans 4,916 5,345 8,138 Foreclosed properties 2,175 2,047 1,864 Community bank leverage ratio 13.78 % 13.82 % 13.24 % Tangible equity to tangible assets ratio 10.55 % 10.90 % 9.93 % FTE employees 951 975 964 View source version on businesswire.com: https://www.businesswire.com/news/home/20231018479369/en/
